TELEPHONE AND TELEGRAPH COMPANIES-Continued.
Consolidation-Continued.

Owenton Telephone Co., certificate of advantage and public interest
authorizing acquisition by Cumberland Telephone & Telegraph Co.,
issued. Subscribers of Owenton Company are not connected with
Bell toll lines and have limited toll service. Proposed acquisition
will eliminate existing duplication, enable its subscribers to secure
access to Bell toll lines, and thereby effect material improvement in
service. Purchase of Properties by C. Teleph. & Teleg. Co., 567.
Paducah Home Telephone & Telegraph Co., certificate of advantage
and public interest authorizing acquisition by Cumberland Telephone
& Telegraph Co., issued. Subscribers of Paducah Company are not
connected with Bell toll lines and have limited toll service. Pro-
posed acquisition will eliminate existing duplication, enable its sub-
scribers to secure access to Bell toll lines, and thereby effect material
improvement in service. Purchase of Properties by C. Teleph. &
Teleg. Co., 567.

Paris Home Telephone & Telegraph Co., certificate of advantage and
public interest authorizing acquisition by Cumberland Telephone &
Telegraph Co., issued. Subscribers of Paris Company are not con-
nected with Bell toll lines and have limited toll service. Proposed
acquisition will eliminate existing duplication, enable its subscribers
to secure access to Bell toll lines, and thereby effect material im-
provement in service. Purchase of Properties by C. Teleph. & Teleg.
Co., 567.

Petroleum Telephone Co., certificate of advantage and public interest
authorizing acquisition of certain properties of Bell Telephone Co.
of Pennsylvania, and acquisition by latter company of certain prop-
erties of Petroleum Telephone Co., issued. Proposed acquisition will
eliminate existing duplication and result in improved service. No
service now being rendered will be curtailed and present nondupli-
cate subscribers will receive telephone access to all subscribers now
served by the two companies. Acquisition of Properties by Bell
Teleph. Co. of Pa., 350.

Russellville Home Telephone & Telegraph Co., certificate of advantage
and public interest authorizing acquisition by Cumberland Telephone
& Telegraph Co., issued. Subscribers of Russellville Company are
not connected with Bell toll lines and have limited toll service.
Proposed acquisition will eliminate existing duplication, enable its
subscribers to secure access to Bell toll lines, and thereby effect
material improvement in service. Purchase of Properties by C.
Teleph. & Teleg. Co., 567.

St. Francis Telephone Co., certificate of advantage and public interest
authorizing acquisition of telephone properties by United Telephone
Co., issued. Proposed acquisition will result in savings in account-
ing, administration, and overhead costs, reduce materially cost of
service, and result in improved service. Moreover, necessary addi-
tional capital can be obtained more easily and on better terms by a
large corporation. Acquisition of Properties by United Teleph.
Co., 293.

TELEPHONE AND TELEGRAPH COMPANIES-Continued.
Consolidation-Continued.
Southern Bell Telephone & Telegraph Co., certificate of advantage and
public interest authorizing acquisition of properties of Brevard
County Telephone Co., issued. Territory served is developing rap-
idly and the Brevard Company is unable to provide funds necessary
to furnish efficient service and meet constant demands for additions
and extensions. Purchase of Properties of B. C. Teleph. Co., by
S. B. Teleph. & Teleg. Co., 27.
Southern New England Telephone Co., certificate of advantage and
public interest authorizing acquisition of East Haven Telephone &
Electric Co., issued. Facilities of the East Haven Company have be-
come inadequate to meet demands for service from subscribers, and
such company is unable to furnish necessary additions, betterments,
and extensions. The New England Company is able to finance ex-
penditures necessary to make additions to the plant and to provide
adequate service. Upon consummation of the proposed transaction
the area now served by the East Haven Company will become a
part of local service area of the New Haven Exchange of the New
England Company which should result in improved service. Pur
chase of Properties by S. N. E. Teleph. Co., 306.
United Telephone Co., certificate of advantage and public interest
authorizing acquisition of telephone properties owned by Consolidated
Telephone Co., St. Francis Telephone Co., C. L. Brown, J. O. Wilson,
and Fred Coulson, issued. Proposed acquisition will result in sav
ings in accounting, administration, and overhead costs, reduce ma-
terially cost of service, and result in improved service. Moreover,
necessary additional capital can be obtained more easily and on
better terms by a large corporation. Acquisition of Properties by
U. Teleph. Co., 293.

Wilson, J. O., certificate of advantage and public interest authorizing
acquisition of telephone properties by United Telephone Co., issued.
Proposed acquisition will result in savings in accounting, adminis-
tration, and overhead costs, reduce materially cost of service, and
result in improved service. Moreover, necessary additional capital
can be obtained more easily and on better terms by a large corpora.
tion. Acquisition of Properties by United Teleph. Co., 293.

TERMINALS AND TERMINAL FACILITIES.

Atlantic City R. R. Co., authority to issue purchase-money mortgage gold
bonds, to be delivered to the Reading Company in reimbursement of
funds advanced or to be advanced, in connection with acquisition by the
former of terminal facilities at Camden, N. J., granted. Bonds of
A. C. R. R., 785.

Port Utilities Commission of Charleston, S. C., certificate of public con.
venience and necessity authorizing acquisition and operation, by lease
from United States Shipping Board, of railroad terminal facilities of
the Army base at North Charleston, S. C., issued. Use of the terminal
will permit a large volume of export and import freight to be handled
without necessity of passing through Charleston and will reduce con-
gestion of applicant's present terminal in that city. A large volume of
new export and import commerce is expected to be developed through
efficient operation of the terminal and further development of the port
of Charleston. Application of C. P. U. Comm., 743.

TERMINALS AND TERMINAL FACILITIES—Continued.

Winston-Salem Terminal Co., authority to issue capital stock and first
mortgage gold bonds for purpose of building a station and other terminal
facilities in the city of Winston-Salem, N. C., granted. Securities of
W.-S. T. Co., 800.

TRAFFIC BALANCES. See also FINAL SETTLEMENTS.

Statesboro Northern Ry., authority to issue common capital stock, to be
delivered to receiver of Georgia & Florida Ry., in payment of indebted-
ness for traffic balances, granted. Securities of S. N. Ry., 663.

UNION STATIONS. See TERMINALS AND TERMINAL FACILITIES.

VALUATION.

In passing upon an application for authority to issue securities such con-
sideration and weight is given to underlying land, engineering, and
accounting reports of the commission's Bureau of Valuation as the com-
mission deems to be proper under the circumstances and conditions of
their present status and future disposition. In giving these reports
weight and consideration the commission is not to be understood as in
any way making determinations which section 19a of the act authorizes
it to make. D. & R. G. W. Reorganization, 141 (144).
The commission can not upon an application for authority to issue securi-
ties give to underlying land, engineering, and accounting reports of its
Bureau of Valuation the force and effect of final valuation, because
they are subject to revision and correction before they become a tenta-
tive valuation of the property covered, and because such tentative
valuation, when made, will be subject by express terms of section 19a,
to protest and change. Id. (144).
Whatever may be the commission's action on underlying land, engineering,
and accounting reports of its Bureau of Valuation when making a de-
termination of final value it is obvious that in dealing with the financial
structure of a carrier the commission must consider and give proper
effect to the existing financial structure with its attendant vested and
contingent rights and obligations. Id. (148).

VOLUME OF TRAFFIC.

The history of railway construction illustrates that prospective tonnage
depending for its development upon transportation facilities, rather than
tonnage immediately in view, has been the main justification for railway
construction. Construction of Line by W. S. Ry., 237 (256).

WATER CARRIERS.

In General: The commission is without jurisdiction to authorize an issue
of bonds by a boat company which is not an operating company but a
holding company solely and a subsidiary of a railroad company. Such
companies are not "carriers by railroad" or otherwise "carriers"
within meaning of section 20a of the act. Guaranty of Bonds by A. A.
R. R., 331 (332).

Ann Arbor Boat Co., application for authority to issue first-mortgage
floating-equipment bonds, to be sold and proceeds used in procurement
of a car ferry, dismissed. Such Boat Company is not an operating com-
pany but a holding company solely, and is a subsidiary of the Ann Arbor
R. R. Co. Since it is not a "common carrier by railroad" or otherwise
a "carrier" within meaning of section 20a of the act, the commission
is without jurisdiction over the bond issue proposed by it. Guaranty
of Bonds by A. A. R. R., 331.

WEAK LINES.

One purpose of the transportation act, 1920, is to foster the weak carriers.
Clinchfield Ry. Lease, 113 (131).

WORDS AND PHRASES.

"System of transportation": Contention that inasmuch as different com-
panies which operated in the Federal control period were under the
same corporate and financial control, they constituted a "system of
transportation" within meaning of the law, and that comparisons should
be made of the results of their combined operations in determining
deficits under section 204 of the transportation act, 1920, Held: In no
instance in the laws in which the term "system of transportation" is
employed is there evidence that such phrase was intended to refer to
groups of companies under common control; on the contrary it is clearly
intended to refer only to facilities used in the performance of a car-
rier's service. Deficit Settlement with C. C. & C. S. R. R., 271 (273–274).
WORKING CAPITAL.

Louisville & Nashville R. R. Co., authority to procure authentication and
delivery of first and refunding mortgage bonds, series C, part thereof to
be sold to provide working capital, granted. Bonds of L. & N. R. R., 667.
Maryland & Delaware Coast Ry. Co., authority to issue first-mortgage
sinking-fund bonds, to be sold and part of the proceeds thereof used
for working capital, granted. Securities of M. & D. C. Ry., 376.
90 I. C. C.